Boca Raton company snags 80% of all venture capital to Florida in Q2

Venture capital investment to Florida-based companies more than doubled last quarter compared to the year’s first, thanks in large part to Modernizing Medicine.

The Boca Raton health care technology company raised $231 million in May from New York City private equity firm Warburg Pincus, making up 80 percent of the total amount of VC that flowed to venture-backed companies statewide between April and July.

The figures come from the latest PwC/CB Insights MoneyTree Report, a joint effort between global accounting and professional services company PricewaterhouseCoopers and CB Insights, a venture capital database.

Released Wednesday, the report reveals that a majority of the $291 million invested statewide in Q2 came to South Florida. Companies in the tri-county region received about $255 million during the quarter.

Statewide, Q1 saw just under $157 million invested in venture-backed companies, a 59.8 percent difference to Wednesday's numbers.

In terms of overall number of transactions, numbers trended the other way, with the second quarter seeing fewer transactions. Florida landed the 13th spot of the report’s nationwide rankings of deal flow. In the first quarter, the state ranked 8. The shift reflects that while fewer deals were closed, larger amounts of capital were invested on individual deals.

CB Insights CEO Anand Sawal called the decrease, seen in all U.S. regions with the exception of Los Angeles/Orange County, a “new, lower normal.”

Nationwide, investors deployed $18.4 billion to VC-backed companies across 1,152 deals during the second quarter. One of the industries that enjoyed a sizable influx of venture dollars was digital health, led in South Florida by companies such as MDLIVE, Modernizing Medicine and, most recently, CareCloud.